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Is it possible to get a mortgage between 12 and 24 mths after a foreclosure with 670 credit and perfect credit record before and after foreclosure? Are there banks that will loan, even with higher interest rates?

by kkraiwan from Washington, District Of Columbia. Mar 3rd 2011 Reply


Rich Constantine (rconstantine)
#399 ranked lender in California - 79 contributions

My guidelines state: 3 years for FHA. Hope this helps. RC

Mar 3rd 2011
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Andre Duncan (FlagshipMortgageCorp)
#1 ranked lender in Delaware - 10 contributions

3 years is the soonest. We can discuss the requiriements in details...

Mar 3rd 2011
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Fran Trzeciak (fran252)
#18 ranked lender in Michigan - 4 contributions

They are right it is 3 years from the date forclosure is recorded. However, if it is husband and wife and only one person was on the mortgage the other may qualify. Land Contract is also an option. You could also have a parent purchase the home, with enough down as a rental home. Rent it to you until your 3 years is up and have it then purchased in your name, as long as your credit score is still above 640

Mar 3rd 2011
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Jackie Hansen (jkhansen)
#2 ranked lender in South Dakota - 3 contributions

On a Reverse Mortgage yes. On a regular mortgage the wait is at least 3 years depending on the lender

Mar 4th 2011
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Jonathan Kuerschner (Jon@CommonSenseLoans.com)
#14 ranked lender in Colorado - 3 contributions

Everyone who said 3 years is wrong, as TWO years is a possibility on some loans. I know some private lenders who will do a loan the day after a foreclosure depending on the situation.

Mar 4th 2011
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